US stocks close higher as fears of trade war ease

iStock/Thinkstock(NEW YORK) — U.S. stocks surged on Monday as trade war fears eased.

The Dow Jones Industrial Average soared 336.70 (+1.37 percent) to finish the session at 24,874.76.

The Nasdaq jumped 72.84 (+1.00 percent) to close at 7,330.70, while the S&P 500 finished trading at 2,720.94, up 29.69 (+1.10 percent) for the day.

Crude oil prices were about 2 percent higher at $62.50 per barrel.

Tariffs: A spokeswoman for House Speaker Paul Ryan on Monday criticized President Trump’s proposed tariffs. In a statement, AshLee Strong said, “We are extremely worried about the consequences of a trade war and are urging the White House to not advance with this plan. The new tax reform law has boosted the economy and we certainly don’t want to jeopardize those gains.”

Trump last week announced plans to impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum. He tweeted that “trade wars are good, and easy to win,” but economic experts have warned that the prospect of a trade war could hurt the U.S. economy.